Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
With masses to fund and spreads super-tight, banks will race to market, but central banks are expected to tighten
US bank eyes one of the tightest US preferred resets as BBVA goes for subordinated, senior combo
◆ 'Real money' order book supports €1bn size ◆ 'Not much' delta between Nordic names, lead says ◆ Up to 5bp of concession
◆ Small premium left for investors ◆ Final yield close to 4% 'inflection point' ◆ Rabo adds to senior green rush
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France has carried and cared for the idea of creating an explicitly bail-inable class of senior debt for about nine months, but the birth of the new asset class this week was swift, effortless and pain-free. Success of the first two deals was critically important, as investors will become very familiar with the new product in the first quarter of 2017. -
Making senior debt explicitly bail-inable fundamentally changes the risk profile of the asset class. Investors must not take that shift lightly.
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UK and Irish investors took the market by surprise hoovering up over 40% of Crédit Agricole’s market opening senior non-preferred trade this week, though French accounts took the bulk of Société Générale’s follow-up deal.
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The European Banking Authority published its final report on the design and implementation of the minimum requirement for own funds and eligible liabilities (MREL) this week, drastically reducing its prediction of how much debt banks will have to raise
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Investors plugged another €3.5bn into the second ever senior non-preferred bond from Société Générale this week, in an early sign the market will be able to digest the large quantities expected from French banks next year.
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French banks have wasted no time since receiving legal confirmation they could issue senior non-preferred bonds, with two financial institution delving into strong investor demand for the new asset class in as many days.
